Digital Asset, in collaboration with BNP Paribas, Deutsche Börse Group, Goldman Sachs and other prominent market participants, has announced the launch of the Canton Network, which is the first blockchain network designed for institutional assets and built to facilitate synchronized financial markets while incorporating privacy.
The Canton Network creates a decentralized infrastructure that connects autonomous applications built with Daml, Digital Asset’s smart-contract language. It also offers a “network of networks,” which enables previously isolated systems in financial markets to interoperate and synchronize freely across applications. This provides a safer and reconciliation-free environment for financial institutions to create new innovative products while enhancing efficiency and risk management for their clients.
The Canton Network overcomes three primary obstacles that have prevented smart contract blockchain networks from achieving significant adoption among financial institutions and other enterprises. These hurdles are the lack of privacy and control over data, the trade-offs between control and interoperability, and the inability to scale. The Canton Network balances decentralization with privacy and control necessary to facilitate its operation in a safe and sound regulatory environment. Participants can safeguard permissions, exposure, and interactions across the network to ensure compliance with regulatory and legal requirements.
The Canton Network also removes the shortcomings of existing blockchain networks while retaining privacy and permissioning, connecting innovative blockchain solutions such as Deutsche Börse Group’s D7 post-trade platform and Goldman Sachs’ GS DAP™. The network is anticipated to grow exponentially as more Daml-built applications go into production. Canton Network participants are set to test interoperability capabilities across a range of applications and use cases in July.